Hull & East Yorkshire LEP Accounts Summary for Financial Year Ended 31/3/23
Explore the comprehensive financial summary of Hull & East Yorkshire LEP for the year ended 31/3/23, including revenue, capital, income, expenditures, and fund allocations. Gain insights into revenue funds, growth funds, and core reserves, with details on income sources and growth fund utilization.
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Hull & East Yorkshire LEP Accounts for the year ended 31/3/23 1
Overall spend summary Revenue Capital Total 'm 1.0 'm 9.2 'm 10.2 Balance b/f 2.2 0.1 2.3 Income in year (1.7) (0.5) (2.2) Spend in year 1.5 8.9 10.3 Balance c/f 2
Revenue Funds 3
Core reserves - free of restrictions Core reserves - free of restrictions but earmarked by the Board Growth Hub / Business Support Energy Projects Growth Funds - Revenue Careers & Skills Total Summary Summary Funds '000 '000 '000 '000 '000 '000 '000 Balances b/f 304.9 316.7 5.5 85.7 203.8 80.0 996.5 304.9 316.7 5.5 85.7 203.8 80.0 996.5 Income received central government funding Local authority / combined authority contributions NHS funding Other income / grants / recharges etc recharge to other projects Interest received 375.0 100.0 0.0 0.0 60.2 0.0 50.0 0.0 0.0 0.0 0.0 0.0 299.8 49.3 0.0 11.9 14.5 0.0 514.5 86.7 0.0 0.0 11.8 0.0 0.0 0.0 0.0 0.0 0.0 238.1 0.0 300.0 25.2 8.0 0.0 1,477.5 236.1 300.0 37.1 94.6 105.6 105.6 535.2 50.0 375.5 613.0 105.6 571.3 2,250.7 Expenditure employee costs (inc Chair & Vice-Chair) other running costs Recharges from core/other projects 366.6 48.0 14.4 48.9 0.3 0.0 145.7 179.7 28.4 214.6 378.2 21.2 6.3 61.6 5.3 113.1 118.9 25.4 895.1 786.6 94.6 428.9 49.2 353.8 614.0 73.1 257.4 1,776.3 Transfer to/(from) Core on cessation of projects Change in redundancy provisions 0.9 (0.8) 27.4 26.6 (0.1) 0.0 (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (27.4) (26.5) 437.7 290.9 27.4 84.8 236.3 393.9 1,470.9 05/06/2025 4
Income Income Local authority / combined authority contributions 11% NHS funding 14% central government funding 68% Other income / grants / recharges etc 2% Interest received 5% 05/06/2025 5
Growth Funds
Summary of Growth Funds Summary of Growth Funds Local Growth Fund Get Building Fund underspend b/f 59,630 underspend b/f 367,720 grant in year spend in year 0 0 grant in year spend in year 0 ( 134,280) 0 ( 134,280) underspend c/f 59,630 underspend c/f 233,440 Transfer to Growing Places Grants Transfer to Growing Places Grants ( 59,630) ( 233,440) 0 0 7
Overall fund 8,808,444 131,021 8,939,465 Total funds b/f Interest earned in year Transfer to grants scheme ( 3,250,000) 5,689,465 Gross value of loans outstanding ( 4,369,401) 1,320,064 Growing Places 22/23 Over the scheme life Balance b/f 5,205,434.85 Drawn down 0.00 11,125,490.63 interest charged 131,021.06 882,083.72 repaid ( 967,055.14) ( 7,439,886.75) written off 0.00 ( 198,286.84) 4,369,400.77 4,369,400.77 8
Loans Loans b/f at 1st April 2022 Loans drawn down in year Interest (YTD) Loans repaid in Loans c/f at end March year 2023 Wykeland (Europarc) 593,938 0.00 5,153.18 ( 599,091.09) ( 0.00) Fruit Market llp (Humber St) 2,354,321 0.00 59,406.60 ( 59,893.97) 2,353,833.48 Fruit Market llp (Car park) 1,200,219 0.00 30,271.64 ( 30,679.18) 1,199,811.71 ResQ 678,893 0.00 23,441.44 ( 171,461.85) 530,872.48 PanelTex (loan2) 378,064 0.00 12,748.19 ( 105,929.06) 284,883.11 5,205,434.85 0.00 131,021.06 ( 967,055.14) 4,369,400.77 05/06/2025 9
Growing Places Grants Growing Places Grants Allocations Growing Places Loans Local Growth Fund Getting Building Fund 3,250,000 59,630 233,440 3,543,070 Grants Admin 450,000 Total Management & administration Grants 450,000 3,093,038 3,543,038 3,093,038 3,093,038 450,000 Spend to date 310,350 71,445 381,795 Balance remaining 2,782,688 378,555 3,161,243 05/06/2025 10
Reserve positions Reserve positions Balance Required for 23/24 spend Revised balance Reserves required for future liabilities Earmarked to programmes Other Reserves available for future spend commitments Core Earmarked reserves Growth Hub and other support to business Energy projects Revenue support to capital growth programmes Careers & Skills funding 437,697 290,941 27,387 0 0 437,697 290,941 16,287 0 0 0 437,697 251,200 10,059 16,287 29,682 0 0 ( 11,100) 0 0 84,755 236,270 0 0 84,755 236,270 0 84,755 230,970 0 0 0 0 5,300 393,880 1,470,931 ( 5,228) ( 16,328) 1,454,603 388,653 0 368,510 710,580 20,143 49,825 0 256,500 437,697 05/06/2025 12
Proposed uses Future Liabilities - The LEP needs to carry a level of base reserves to reflect any future commitments, including any redundancy costs should funding no longer be available. An annual re-assessment of this figure will take place including reflecting updates as to the potential future status of the LEP and its funding streams alongside staff and other changes. Energy Conference This represents the surplus on the conference two years ago and is held to support transition of the Humber for Green energy growth. Transport the balance supports Humber wide transport studies and interventions. Growth Funds - The monitoring requirement for LGF & GBF stretch beyond the period of the capital programme and therefore there will need to be some spend going forward to around 2030. The balance will be retained to cover those costs. Others all other reserves are ring fenced to their respective projects 13
